Funding arb · Price arb /

PIPPIN

all PIPPIN markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.047%

Price spread now: SunX against OKX−0.210%57s7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$203as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1491.489% of the position

Long on OKX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.540%−$54 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now −0.210%, 7d avg −0.002%

Together, before fees−0.439%−$44 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.209% cheaper against OKX than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.002%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX PIPPIN-USDT-SWAP	0.01904	0.0100	pay 0.0050% / 4h	1h 31m	$1.5M	$3.3M	20x
Short	SunX PIPPIN-USDT	0.01900	0.0100	get 0.0050% / 4h	1h 31m	$2K	$10.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OKXbpFee SunXbpOrdersPrice spread, now −0.210%Rate

Funding earned: $0
Price spread: −0.210% → −0.002%: −$20.85
Slippage, 4 orders: −$130.91
Fee OKX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$169.76
Costs to cover: 1.489%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; SunX: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy OKX live order book, 1 min ago	5.26 bp	24.3 bp −$24	152.6 bp −$1,526	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	18.45 bp	57.9 bp −$58	doesn't fit	doesn't fit	doesn't fit

PIPPIN on 13 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica PIPPIN	−0.0778%	1h	0.01902	−0.105%	$18K	$9K	3x	as long as short
BloFin PIPPIN-USDT	+0.0048%	4h	0.01899	−0.263%	$252K	$27K	25x	as long as short
Aster PIPPINUSDT	+0.0096%	4h	0.01900	−0.222%	$111K	$33K	5x	as long as short
Binance PIPPINUSDT	+0.0100%	4h	0.01903	−0.053%	$5.4M	$4.8M	25x	as long as short
Bybit PIPPINUSDT	+0.0100%	4h	0.01904	0.000%	$3.6M	$1.4M	13x	as long as short
OKX PIPPIN-USDT-SWAPlong	+0.0100%	4h	0.01904	long leg	$1.5M	$3.3M	20x
Gate PIPPIN_USDT	+0.0100%	4h	0.01901	−0.158%	$1.8M	$302K	20x	as long as short
MEXC PIPPIN_USDT	+0.0100%	4h	0.01902	−0.105%	$2.4M	$726K	50x	as long as short
SunX PIPPIN-USDTshort	+0.0100%	4h	0.01900	−0.210%	$2K	$10.1M	20x
HTX PIPPIN-USDT	+0.0100%	4h	0.01885	−0.998%	$34K	$14K	20x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin PIPPINUSDTM	+0.1248%	4h	0.01902	−0.105%	$2.1M	$4.8M	25x	as long as short
BingX PIPPIN-USDT	+0.1524%	4h	0.01905	+0.053%	—	$1.3M	—	as long as short
Bitget PIPPINUSDT	+0.1560%	4h	0.01901	−0.158%	$1.6M	$324K	10x	as long as short